Porphyry system further extended at Trundle Park

• Most recent drill hole TRDD014W1 has intersected multiple skarn horizons and broad intervals of porphyry style intrusions at the Trundle Park prospect (assay results pending);
• This hole was a wedge drilling off previous hole TRDD014 and has confirmed previous skarn intervals and extended the intrusive systems returned in both TRDD014 (65.5m @ 0.25 g/t gold & 0.04% copper, including 10m @ 0.73 g/t gold & 0.10% copper) and TRDD022 (162m @ 0.24 g/t gold & 0.04% copper, including 18m @ 0.75 g/t gold & 0.09% copper);
• A follow up hole (TRDD028) has commenced to the west of TRDD014W1 and south of TRDD022 to further test the identified mineralized corridor and multiple phase intrusive system associated with holes TRDD022, TRDD014/W1 and TRDD001 (21.1m @ 0.25 g/t gold and 0.03% copper to end of hole);
• The direction south from TRDD014/W1 and TRDD028 remains open for future drill testing.

MELBOURNE, Oct. 29, 2021 - Kincora Copper Ltd. (the Company, Kincora) (TSXV: KCC) (ASX: KCC) is pleased to provide an exploration update from ongoing drilling at Trundle Park prospect situated at the brownfield Trundle project, located in the Macquarie Arc of the Lachlan Fold Belt (LFB) in NSW, Australia.

John Holliday, Technical Committee chair, and Peter Leaman, VP of Exploration, noted:

"The wedge off and extension from TRDD014 has intersected the targeted monzonite system intruding a larger monzodiorite body with zones of interpreted variable to strongly developed outer potassic alteration. This setting was generally not apparent in the original TRDD014 hole and has returned larger interpreted zones of "red" monzonite and monzodiorite intrusions than TRDD022. TRDD014W1 has provided significant strike and depth extension from TRDD022, and depth extension from TRDD014.

These are encouraging signs, however, we have still not yet intersected the systems core. Our drilling has demonstrated a significant size and multiple intrusive system is present with the features suggestive of being in a proximal environment to a target that offers clear scale potential. From here, only further systematic drilling will confirm or downgrade this target.

A recently commenced follow up hole is being drilled west from and parallel to TRDD014, testing south of TRDD022, and west of both TRDD014W1 and TRDD001. A clear intrusive porphyry system target zone is emerging at the Trundle Park prospect with the south remaining open for further drilling."

Two diamond rigs remain operational, one currently drilling TRDD028 at the Trundle Park prospect at Trundle, and the other completing a fifth hole and final of the first phase diamond drilling program at the Gateway prospect at the Fairholme project, with assay results from recent drilling pending.

Figure 1: Kincora is currently drilling the Trundle and Fairholme projects

• Favourable locations of the key porphyry belts of the Macquarie Arc
• Advance stage exploration projects with demonstrated large scale mineralised systems
• Hallmarks to neighbouring world-class deposits

Figure 2: Trundle is the only brownfield porphyry project held by a listed junior in the Lachlan Fold Belt (LFB), located within Northparkes Igneous Complex which already hosts the 2^nd largest porphyry mine in Australia (endowment 5.5Moz Au & 4.5Mt Cu¹)

• Large geochemical footprints with a cluster of concealed intrusive deposits at Northparkes

Trundle Park prospect

Recent drilling at the Trundle Park prospect has confirmed a significant area and multiple intrusive porphyry system with a mineralised zone emerging.

Hole TRDD022 returned 162m @ 0.25 g/t gold, 0.04% copper and 9 ppm molybdenum (from 670m), including 46m @ 0.54 g/t gold and 0.08% copper (from 684m) and 18m @ 0.75 g/t gold and 0.09% copper (from 712m) (announced August 17^th, 2021: "Significant gold bearing intervals at Trundle Park"). This hole was followed up by TRDD026, a scissor hole expanding the system to the NNW with two distinct zones of the targeted monzonite intrusion with a larger monzodiorite system (announced September 23^rd, 2021: "Porphyry system extended at Trundle Park").

A wedge drilling off the previous hole TRDD014 (namely TRDD014W1) sought to test the vertical extent of the main mineralised zone in TRDD022 down dip and on strike to the SSE, and to depth and horizontally towards the NNW from TRDD014 (65.5m @ 0.25 g/t gold and 0.04% copper, including 10m @ 0.73 g/t gold and 0.1% copper). While testing the intrusive target at depth under TRDD022 the wedge and extension (TRDD014W1) has intersected the targeted monzonite vein-dyke system intruding a larger monzodiorite intrusion with zones of interpreted variable to strongly developed outer potassic alteration. This setting was generally not apparent in the original TRDD014 hole and has returned larger interpreted zones of "red" monzonite and monzodiorite intrusions than TRDD022. TRDD014W1 has provided significant strike and depth extension from TRDD022, and depth extension from TRDD014.

Figure 3: TRDD022, TRDD026 and TRDD014W1 confirm a multiple phase, multiple intrusive system with demonstrated mineral tenor, analogous lithology and alteration to the targeted intrusive porphyry systems that occur elsewhere in the wider and immediate region (at Cadia and Northparkes respectively)

(a) Plan view of Trundle Park prospect and planned hole TRDD028 - see Figure 3 (b) for section

(b) Working Leapfrog model and design of hole TRDD028 - Trundle Park prospect section
(Section line through Figure 3 (a). Length ~900m and width ~400m)

(c) Insert with mineralised intervals and illustration of strike/down dip target of TRDD028, noting the distance from TRDD028 to TRDD014W1 is approximately 100m west and 115m south-west to TRDD022

From initial logging of TRDD014W1 notable zones include (with assay results pending):

1. Upper skarn zone: cavity filling skarn with early green garnet-pyroxene-magnetite overprinted by K-feldspar-carbonate-hematite +/- pyrite +/- chalcopyrite from 298-403.9m downhole, hosted by volcanoclastic rocks.
2. Lower skarn zone: massive tan-brown garnet skarn along with some voids filled with prehnite and carbonate-epidote +/- pyrite, in turn cut by later pyrite veinlets, from 458-492m downhole.
3. Monzodiorite intrusion: with albite alteration occurs from 499-849.5m downhole, along with broad intervals containing red quartz monzonite vein dykes and an interval with garnet endoskarn (see following descriptions for points 4 and 5) and pyrite stringers +/- magnetite also noted.
4. Quartz monzonite vein dykes: distinctly red, range from >1cm to <100cm in width, and cut the monzodiorite in two main intervals from 631-676m and 718.4-769m downhole. Traces of chalcopyrite along with minor pyrite and quartz were observed as clots and along veinlets in zones of the quartz monzonite with pyrite stringers +/- magnetite also noted.
5. Endoskarn: comprises a dark brown garnet with magnetite filling voids within the monzodiorite host rock from 690-718.4m. Magnetite alteration is strong and can also occur along fine fractures and veinlets surrounding garnet.
6. Thrust fault then further volcanoclastic sequence: the interpreted regionally significant westerly dipping thrust fault (the Tullamore thrust) was intersected in close proximity to the forecast depth at 849.5m and defined by sheared red clays to 856m downhole, along with a preserved slice of a sheared volcanoclastic sequence +/- pyrite intersected from 856-876.65m (end of hole). The latter, indicating the potential for a stacked volcanic and intrusive system.

See Figure 6 for examples of the described rock types in TRDD014W1 with Figures 3 and 4 illustrating the current intrusive model, interpretation and target zone at the Trundle Park prospect. An illustration of the rocks and alteration in and around the core of the intrusive systems and deposits at Northparkes are provided in Figure 5.

The multiple phase, multiple intrusive setting returned in TRDD022, TRDD026 and TRDD014W1, endoskarn intersected in TRDD014W1, coupled with returned mineral tenor in TRDD022, TRDD014 and TRDD001 (21.1m @ 0.25 g/t gold and 0.03% copper to EOH), provides indicators of a proximal environment to the targeted core of an intrusive porphyry system.

The multiple intrusive deposits at the neighbouring Northparkes mine and at Cadia-Ridgeway exhibit such a setting around discrete mineralized cores of only hundreds of metres in width that are vertically extensive and occur in clusters or a series of deposits. See Figure 4 for an example of the working alteration, geological model and target zone of the Trundle Park prospect relative to the E48 deposit at Northparkes.

A follow up hole (TRDD028) has commenced to the west of and parallel to TRDD014W1, and south of TRDD022 to further test the identified mineralized corridor and targeted core of the system (see Figures 3 and 4). The direction south from TRDD014/W1 and TRDD028 remains open for future drill testing.

Figure 4: The clusters of deposits at the neighbouring Northparkes mine and at Cadia-Ridgeway exhibit multiple intrusive systems and an alteration, lithology and mineralised setting not dissimilar to the Trundle Park prospect around discrete mineralized cores of only hundreds of metres width that are vertically extensive

Figure 5: Illustration the rocks and alteration in and around the core of the intrusive systems and deposits at Northparkes

Figure 6: Examples of the rock types in hole TRDD014W1 at the Trundle Park prospect

(a) Monzonite vein-dyke system intruding a larger monzodiorite intrusion with zones of interpreted variable to strongly developed outer potassic alteration.

TRDD014W1 has returned larger interpreted zones of "red" monzonite and monzodiorite intrusions than TRDD022. Monzodiorite (albite altered) occurred from 499-849.5m. Some examples with red quartz monzonite fingers are shown.

Insert of albite-chlorite altered volcaniclastic breccia cross-cut by pyrite-chlorite veinlets with K-feldspar selvedge (at 639.5m downhole)

Grey monzodiorite (crowded) with albite alteration cut by red quartz monzodiorite vein dykes containing examples with clots and veinlets with quartz (Q) +/- magnetite (mt) +/-pyrite (py) +/- chalcopyrite (cpy) (at 665m downhole).

Monzodiorite (crowded) with albite alteration and hematite dusting cut by vein sets comprising: (1) early quartz-magnetite, then (2) kfeldspar (orange-red)-pyrite and (3) later quartz-pyrite (at 797m downhole).

(b) Endoskarn filling voids in a monzodiorite host rock, comprising massive brown garnet (gn) and magnetite (mt), cut by later white carbonate (cb) and lime-green epidote (ep) veinlets (at 704.5m downhole).

(c) The Tullamore thrust fault was intersected in close proximity to the forecast depth at 849.5m and followed by a preserved slice of a sheared volcanoclastic sequence +/- pyrite intersected from 856-876.65m (end of hole) (at 867.1-869.3m downhole).

Insert volcaniclastic sandstone intensely cross-cut by foliated carbonate-pyrite-hematite

(d) TRDD014W1 has intersected multiple skarn horizons

Upper skarn zone example with brecciated volcanoclastic sandstone host rock (dark grey) and a matrix fill of carbonate (cb) +/- hematite (hm) +/- pyrite (py) +/- chalcopyrite (cpy) (at 306.7m downhole).

Upper skarn zone example with predominantly a matrix fill of early magnetite (mt) and pyroxene (dark green; px), in turn overprinted by a later matrix fill of K-feldspar (orange: kfs) +/- carbonate (cb) +/- pyrite (py) +/- chalcopyrite (cpy) (at 387.7m downhole).

Lower skarn zone example with massive pink-tan garnet (gn) skarn with minor voids containing prehnite (pale-light blue) +/- carbonate (cb) +/- epidote (ep) +/- pyrite (py).(at 482.1m downhole).

Photos of selected intervals which are not representative of the mineralization hosted on the whole property or Trundle Park prospect but are of the alteration and lithology's intersected in the mineralized zones in these sections of drill holes TRDD014W1, and current working geological interpretation presented in Figure 3. There is insufficient drilling data to date to demonstrate continuity of mineralized domains and determine the relationship between mineralization widths and intercept lengths. True widths are not known.

Trundle Project background

The Trundle Project includes one single license covering 167km² and was secured by Kincora in the March 2020 agreement with RareX Limited ("REE" on the ASX). Kincora is the operator, holds a 65% interest in the Trundle Project and is the sole funder until a positive scoping study is delivered at which time a fund or dilute joint venture will be formed.

This announcement has been authorised for release by the Board of Kincora Copper Ltd. (ARBN 645 457 763)

Forward-Looking Statements

Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Kincora cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Kincora currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. Kincora does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) or the Australian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.

Table 1: Trundle project - Collar Information

For further details, including QAQC procedures, please refer to the following press releases:

1. July 6, 2020 - Kincora announces high-grade gold-copper results from first hole at Trundle
2. July 23, 2020 - Kincora reports further strong encouragement at Trundle
3. September 3, 2020 - Kincora provides update on expanded drilling program at Trundle
4. November 30, 2020 - Kincora intersects broad mineralized zones at Trundle
5. January 20, 2021 - Kincora intersects further shallow mineralization at Trundle
6. March 2021 - Independent Technical Report for the ASX prospectus
7. April 22, 2021 - Exploration Update
8. July 8, 2021 - Exploration portfolio drilling update
9. August 17 2021 - Significant gold-bearing intervals at Trundle Park
10. September 23, 2021 - Porphyry system extended at Trundle Park

Drilling, Assaying, Logging and QA/QC Procedures

Sampling and QA/QC procedures are carried out by Kincora Copper Ltd., and its contractors, using the Company's protocols as per industry best practise.

All samples have been assayed at ALS Minerals Laboratories, delivered to Orange, NSW, Australia. In addition to internal checks by ALS, the Company incorporates a QA/QC sample protocol utilizing prepared standards and blanks for 5% of all assayed samples.

Diamond drilling was undertaken by DrillIt Consulting Pty Ltd, from Parkes, under the supervision of our field geologists. All drill core was logged to best industry standard by well-trained geologists and Kincora's drill core sampling protocol consisted a collection of samples over all of the logged core.

Sample interval selection was based on geological controls or mineralization or metre intervals, and/or guidance from the Technical Committee provided subsequent to daily drill and logging reports. Sample intervals are cut by the Company and delivered by the Company direct to ALS.

All reported assay results are performed by ALS and widths reported are drill core lengths. There is insufficient drilling data to date to demonstrate continuity of mineralized domains and determine the relationship between mineralization widths and intercept lengths.

True widths are not known at this stage.

Significant mineralised intervals for drilling at the Trundle project are reported based upon two different cut off grade criteria:

• Interpreted near surface skarn gold and copper intercepts are calculated using a lower cut of 0.20g/t and 0.10% respectively; and,
• Porphyry intrusion system gold and copper intercepts are calculated using a lower cut of 0.10g/t and 0.05% respectively.

Significant mineralised intervals are reported with dilution on the basis of:

• Internal dilution is below the aforementioned respective cut off's; and,
• Dilutions related with core loss as flagged by a "*".

The following assay techniques have been adopted for drilling at the Trundle project:

• Gold: Au-AA24 (Fire assay), reported.
• Multiple elements: ME-ICP61 (4 acid digestion with ICP-AES analysis for 33 elements) and ME-MS61 (4 acid digestion with ICP-AES & ICP-MS analysis for 48 elements), the latter report for TRDD001 and former reported for holes TRDD002-TRDD022.
• Copper oxides and selected intervals with native copper: ME-ICP44 (Aqua regia digestion with ICP-AES analysis) has been assayed, but not reported.
• Assay results >10g/t gold and/or 1% copper are re-assayed.

Qualified Person

The scientific and technical information in this news release was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and was reviewed, verified and compiled by Kincora's geological staff under the supervision of Paul Cromie (BSc Hons. M.Sc. Economic Geology, PhD, member of the Australian Institute of Mining and Metallurgy and Society of Economic Geologists), Exploration Manager Australia, who is the Qualified Persons for the purpose of NI 43-101.

JORC Competent Person Statement

Information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves has been reviewed and approved by Mr. Paul Cromie, a Qualified Person under the definition established by JORC and have sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.

Paul Cromie (BSc Hons. M.Sc. Economic Geology, PhD, member of the Australian Institute of Mining and Metallurgy and Society of Economic Geologists), is Exploration Manager Australia for the Company.

Mr. Paul Cromie consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The review and verification process for the information disclosed herein for the Trundle, Fairholme and Nyngan projects have included the receipt of all material exploration data, results and sampling procedures of previous operators and review of such information by Kincora's geological staff using standard verification procedures.

JORC TABLE 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections).

Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)

SOURCE Kincora Copper Ltd.